PROLOGIS SNAPS UP DENVER COMPETITOR FOR $8.4 BILLION

Prologis, a global industrial real estate firm with offices in Denver, announced this week it has acquired a Denver-based competitor and its entire 71 million squarefoot portfolio for $8.4 billion.

The purchase, described in a news release as a “merger agreement,” was announced by Prologis and the now acquired DCT Industrial Trust in a news release Sunday. The deal, which includes Prologis taking on DCT’s debt, was a stock-for-stock transaction.

Prologis said the buy, which brings in 215 acres of land under contract or option to be developed, strengthens its footprint in high-growth markets like Southern California, the San Francisco Bay Area, South Florida, Seattle and New York.

“DCT’s team is as good as it gets, and we expect a number to join us to help manage the portfolio, execute on capital deployment activities and make long-term contributions to the Prologis platform,” Eugene F. Reilly, Prologis CEO for the Americas, said in a news release. “This deal also diversifies our customer roster through the addition of some 500 new relationships.”

Its corporate headquarters is in San Francisco, but Prologis has an operations base in Denver’s Z Block development. It owns Prologis Park 70, a 5.7 million squarefoot industrial park in Aurora that is home to Amazon’s first local fulfillment center.